BE CAUTIOUS.... QUADRUPLE WITCHING DAY!!
We might still be in wave 4 of the Primary Elliot wave.
US markets rallied last night, so we may expect a gap-up opening of around 100 points.
17220 - 17270 zone might act as a strong resistance zone (0.5 to 0.618 Fibonacci retracement of wave 3)
Quadruple witching refers to a date when stock index futures, stock index options, stock options, and single stock futures expire simultaneously. It is generally on the third Friday of March, June, September, and December every year.
Is quadruple witching bullish or bearish?
We learned that volatility is slightly higher than any normal trading day, volume is higher than the normal, the quadruple witching day is a bearish day, the quadruple witching week is bullish, and the last hour of quadruple watching day is bearish. (From tradestation.com)
We didn't have a bullish week, so market movements may be unpredictable. Stong closing above 17270 in 30 min candle (stop loss for a short trade) can be a sign of bullishness.
If the market falls, wave 5 can take nifty to the 16800 level.
Enjoy the volatile ride!
US markets rallied last night, so we may expect a gap-up opening of around 100 points.
17220 - 17270 zone might act as a strong resistance zone (0.5 to 0.618 Fibonacci retracement of wave 3)
Quadruple witching refers to a date when stock index futures, stock index options, stock options, and single stock futures expire simultaneously. It is generally on the third Friday of March, June, September, and December every year.
Is quadruple witching bullish or bearish?
We learned that volatility is slightly higher than any normal trading day, volume is higher than the normal, the quadruple witching day is a bearish day, the quadruple witching week is bullish, and the last hour of quadruple watching day is bearish. (From tradestation.com)
We didn't have a bullish week, so market movements may be unpredictable. Stong closing above 17270 in 30 min candle (stop loss for a short trade) can be a sign of bullishness.
If the market falls, wave 5 can take nifty to the 16800 level.
Enjoy the volatile ride!
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